Huntsman hopes to break up big banks

AP News

11/28/2011 4:17:02 PM - AP News

Republican presidential contender Jon Huntsman has released a plan to break up the nation's biggest banks.

The former Utah governor says officials haven't done enough to protect against future taxpayer bailouts. He says too many banks are still considered "too big to fail."

Huntsman plans to discuss his financial overhaul plan with New Hampshire voters Monday night. Along with capping the size of banks, he wants larger financial institutions to pay fees to help cover any future bailouts.

Fearing a global financial meltdown, federal officials sent billions of dollars to large banks during the financial crisis.

Huntsman also wants to shut mortgage giants Freddie Mac and Fannie Mae and repeal the law, known as Dodd-Frank, that overhauled the financial system.